Even in a market like this one, weirdly insulated from economic and geopolitical chaos, trading Thoroughbreds will always remain a precarious business. Speculators never hesitate, then, to pounce whenever the odds appear skewed temporarily in their favor. Sure enough, with the dollar squeezing other currencies dry, around one in eight of the yearlings sold at the Goffs Orby Sale this week is said to be heading to the U.S.; and they'll have plenty of company out of Tattersalls next week. To one who constantly berates breeders both sides of the...